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In 1H2017, Armenian insurance market increased by 5.27%, mainly due to
the implementation of several large economic projects which triggered
the significant increase in accident insurance (54.59%) and CARGO
insurance (+51.29).

A delegation of the global insurer ALLIANZ led by Antoine ISSA, Regional Director for Middle East and South Africa has recently met the Armenian Minister of finance Vardan ARAMYAN, to assess the business prospects on the local market.

In the first six months of 2016, the six active insurance companies of the Armenian market totaled AMD 16.1 billion in premium (note: based on the Central Banks financial standards), while based onIFRS standards local market totaled only AMD 15.8 billion. At the same time the indemnities paid by local insurers reached AMD 6.2 billion, according to ArmInfo News Agency.

Starting September 1st, 2016, car owners will no longer be required to declare the names of other drivers they allow to drive the vehicles upon buying MTPL insurance, recently said the Bureau of Motor Insurers of Armenia(source: ArmInfo).

VTB Bank (Armenia) and the Armenian subsidiary of Rosgosstrakh have launched a co-branded, 'exclusive' product consisting in a loan granted by the bank specifically for the purchase of mandatory motor car and CASCO insurance policies provided by Rosgosstrakh Armenia, the bank's press service said in a press release.

In 1Q2016, GWP by Armenian insurance companies increased by 6.7%, to AMD 9.5 billion compared to the similar period of 2015. At the same time, in the analyzing period the volume of claims paid by the insurers dropped by 1.9% and totaled AMD 3.2 billion, according to the ArmInfo Agency based on the companies' reporting in accordance to the IFRS standards.

Benfitiing from the positive results recorded on the voluntary types of insurance, the Armenian insurance market saw a y-o-y GWP increase of 4.3% in 2015. Moreover, it recorded a record net profit in past five years, reaching to AMD 2.5 billion, up by 71% y-o-y, according to ArmInfo News Agency.

Armenia intends to become a member of the Green Card International Motor Insurance System, said Vahan AVETISYAN, Executive Director of the Armenian Motor Insurers Bureau, according to ArmBanks website.

The Supervisory Board of Allianz Deutschland AG has appointed Klaus-Peter ROHLER as Chairman of the Management Board (CEO) and successor to Manfred KNOF, who is stepping down from the position and will take time off for health reasons.

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers ends today in Monte Carlo. The Nat Cat insurance protection gap, as well as the global insurance market readiness to deal with the increasing complexity of the cyber risks were among the most debated topics.

The latest edition of the XPRIMM Motor Insurance Report was launched in Monte Carlo, on the occasion of the "Rendez-Vous de Septembre", provind FY2016 statistical data and analisys for the CEE, SEE and CIS regions.

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers has started yesterday in Monte Carlo. XPRIMM publications on the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel as well as at the other event's venues.

Swiss Re forecasts growing demand for new reinsurance solutions that help clients manage their portfolios and expand into new segments and markets, company's officials said at the press conference that took place Monday, in Monte Carlo.

In the wake of the decision by the United Kingdom (UK) to leave the European Union (EU), insurers that access EU business through their UK companies have begun to unveil plans to establish additional subsidiaries, primarily in Ireland, Luxembourg or Belgium, according to an analysis presented by AM Best during Rendez-Vous de Septembre.

Most reinsurers gathered in Monte Carlo have expressed their concern with the lack of proper insurance protection of properties around the world, especially that the latest events have once again shown that climate change is a real challenge.